IMF to help EU officials monitor Spanish banking bailout

The International Monetary Fund is to help European officials monitor Spain's multi-billion euro banking bailout.

The EU Competition Commissioner Joaquin Almunia said experts from the IMF would join officials from the ECB and the EU in overseeing the application of the loan.

He said the IMF wouldnot finance or co-finance the loan but would monitor everything that happens from now on.

Meanwhile the Irish Government continues to reject suggestions that Spain secured better bailout terms than Ireland's at the weekend.

Speaking to Midwest Radio today, the Taoiseach Enda Kenny said the Spanish bailout centred only on its banking system.

"(The amount of the bailout) brings stability to the euro and the eurozone," he said.

"Spain will contuinue to pay its interest rate...but the deal in their case does not extend to the overall running of the country which applies here."